Ace Liberty & Stone Plc
LSE : ALSP

January 31, 2011 10:56 ET

Interim results to 31 October 2010

                                      ACE LIBERTY & STONE PLC
                                                 
                                     ("Ace" or "the Company")
                                                 
                  Unaudited interim results for the period ended 31 October 2010
                                                 
Ace  Liberty & Stone Plc (PLUS: ALSP) announces its unaudited consolidated interim results for the
period ended 31 October 2010.


CHAIRMAN'S STATEMENT

I  am  pleased  to present the company's interim results for the half year ended 31 October  2010.
Turnover  during  the  6  month period amounted to GBP76,619 and the  loss  for  the  period  was
GBP36,349.

During the period under review, the Company completed the sale of the property at 8 Oakley Street,
recording  a  small  profit on the transaction, which the directors consider satisfactory  in  the
current  difficult  trading  climate. The Company also purchased a  share  in  two  properties  in
Sheffield  at  a total cost of GBP2.52m. Also during this period, the Company completed  the  re-
distribution  to  its  shareholders  of the shares in Minoan purchased  in  February  2010.  These
transactions have already been announced to the market.

Since  the end of the half year under review, the Company has completed the sale of its  share  of
the  two  Sheffield properties, as announced recently, and as a result has recorded  a  profit  of
GBP0.74m.  This  transaction has boosted the company's cash reserves, which can now  be  deployed
into further purchases and has also eliminated the accumulated deficit on retained earnings.

The directors believe the company will make good progress in the current year. They are looking at
a  number  of further opportunities as there is generally more stock available in the  market  and
pricing has become more realistic as a consequence.



Mark Thomas
Chairman
31 January 2011


ACE LIBERTY & STONE PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2010
                                                 
                                               Six months ended     Year ended 30     Six months ended
                                               31 October 2010       April 2010       31 October 2009
                                                (Unaudited)          (Audited)         (Unaudited)
                                                    GBP                 GBP               GBP
                                                                                       
Turnover                                          76,619              154,761            60,549
                                                                                                       
Administrative expenses                          (96,541)            (234,541)          (82,709)
                                                --------             --------           -------         
Operating Profit / (Loss)                        (19,922)             (79,777)          (22,160)
                                                                                                       
Investment Income                                    220                1,751             1,082
                                                                                                       
Financial costs                                  (16,647)             (37,313)          (28,918)
                                                                                                       
Impairment to properties                               -             (394,000)                -
                                                --------             --------           -------                                                                                                     
Profit / (Loss) before taxation                  (36,349)            (508,339)          (49,996)
                                                                                                       
Profit for the year from discontinued                                                                  
operations                                             -               25,812                 -
                                                --------             --------           -------              
Loss after taxation                              (36,349)            (482,527)          (49,996)
                                                ========             ========           ======= 


UNAUDITED CONSOLIDATED BALANCE SHEET AT 31 OCTOBER 2010
                                                                                                                                                                                                                           
                                               31 October            30 April          31 October
                                                  2010                 2010               2009
                                               (Unaudited)           (Audited)         (Unaudited)
                                                   GBP                  GBP                GBP
ASSETS                                                                                            
Non-current assets
Investment properties                           2,006,000            2,006,000          4,475,000
Other investments                                  13,232               13,232             13,232
                                                ---------            ---------          ---------
                                                2,019,232            2,019,232          4,488,232
Current assets                                                                                          
Trade and other receivables                       212,573              524,255             79,110
Cash and cash equivalents                         235,778              168,991            733,803
Held for sale assets                            1,277,684            2,180,066                  -
                                                ---------            ---------          ---------

                                                1,726,035            2,873,312            812,913

                                                ---------            ---------          ---------
TOTAL ASSETS                                    3,745,267            4,892,544          5,201,145
                                                =========            =========          =========   


EQUITY                                                                                                    
Issued capital and reserves                                                                               
Share capital                                   1,943,419            1,943,419          1,937,419
Share premium reserve                             728,596              728,596            720,596
Share option reserve                               31,080               26,640             17,760
Retained deficit                                 (635,545)            (597,571)          (165,040)
                                                ---------            ---------          ---------
Shareholders' Funds                             2,067,550            2,101,083          2,515,175
                                                                                                      
Non-current liabilities                                                                              
Bank loan                                       1,570,324            1,574,796          1,579,525
                                                ---------            ---------          ---------

                                                1,570,324            1,574,796          1,579,525
Current liabilities                                                                                     
Trade and other payables                          107,393              124,265          1,206,445
Liabilities directly associated with assets 
held for sale                                           -           (1,092,400)                 -
                                                ---------            ---------          ---------
                                                  107,393            1,216,665          1,206,445
                                                ---------            ---------          ---------
                                                                                                      
TOTAL EQUITY AND LIABILITIES                    3,745,267            4,892,544          5,201,145
                                                =========            =========          ========= 

UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2010
                                                                                                         
                                               Six months           Year ended        Six months
                                                ended 31               April          ended 31
                                              October 2010             2010          October 2009
                                               (Unaudited)           (Audited)       (Unaudited)
                                                   GBP                  GBP              GBP
                                                                                          
Net cash inflow/(outflow)from operating                                                   
activities                                       261,229             (633,929)         (49,804)
                                                --------             --------         --------                                                                                       
Investing Activities                                                                      
Return on investments                                220                1,751            1,082
Payment made for the purchase of stock                                                 
of properties                                   (777,684)                   -                -
Receipt from partial sale of other
investments                                      587,666                    -                -
                                                --------             --------         --------                    
Net cash inflow / (outflow) from investing                                                
activities                                        71,431                1,751            1,082
                                                --------             --------         --------                                          
Financing Activities
Proceeds of issue of new share capital                 -               24,000                -
Costs of raising new capital                           -              (10,000)               -
Repayment of bank loan                            (4,645)              (6,909)         (11,553)
                                                --------             --------         --------                    
                                                                                          
Net cash raised from financing activities          (4645)               7,091          (11,553)
                                                --------             --------                              
Net increase (decrease) in cash and cash                                                  
equivalents                                       66,787             (625,087)         (60,275)
                                                --------             --------         --------                    
                                                                                          
                                                                                          
Cash and cash equivalents at beginning
of period                                        168,991              794,078          794,078
                                                --------             --------         --------                      
Cash and cash equivalents at end
of period                                        235,778              168,991          733,803
                                                ========             ========         ========                     
 
The  interim financial information set out herein does not constitute full financial statements within
the  meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been  prepared
under  the  historical  cost  convention, in accordance with the Companies  Act  1985  and  applicable
accounting standards in the United Kingdom.

The  interim report has been prepared using accounting policies consistent with those set out  in  the
Company's Annual Report and Accounts for the period to 30 April 2010.  Those financial statements were
prepared on a going concern basis.

The interim report for the six months to 31 October 2010 was approved by the Board on 31
January 2011.

The Directors of Ace Liberty & Stone Plc accept responsibility for this announcement.

                                              -ends-

Contact:

Ace Liberty & Stone plc
Mark Eichhorn, Finance Director
Tel: +44 (0) 20 7201 8340


Corporate Advisers
Alfred Henry Corporate Finance
www.alfredhenry.comwww.alfredhenry.com
Nick Michaels
Tel: +44 (0) 20 7251 3762


Contact Information

  • Ace Liberty & Stone Plc